It would have been way more impressive if he had created something useful for today.
The camera works. The camera has retro chic. Above all he made this with his hands. Personally I see two kinds of people in the world. The practical like you with the attitude of why build something when I can buy it for half the cost, and the tinkerers. I fall into the latter category.
We build things, often useless things because we can and we get a kick out of making something work, out of creating something with our own hands. A few years ago I built a clock out of a spinning harddisk platter with a slit cut in it, and a light which pulses at exactly the right time.
http://www.garbz.com/hddclock.jpg The clock is pointless. It's noisy. I've never used it, but it is in my cupboard of absolutely awesome stuff I have made with my hands.
On top of that while building it I learnt a whole new world of things. Such as how to write a program to communicate between two chips using the SPI protocol, how to accurately use hall effect sensors for timing, and the principles of persistence of vision.
Next up? I'm building an alarm clock using 1960s era Nixie tubes as the display. This is to replace the $10 alarm on my bedside table. So far I have spent over $150 in components.
I do this because I like the challenge, and get a kick out of building things. He's probably the same. Also on your earlier comment of buying tools and knowing how to use them, there's a very big difference between knowing how to use a lathe and knowing how to calculate how many teeth a complete train of gears need in order to accurately advance film. At work we have a workshop full of people who can do anything with metal. They've been overhauling pumps all their lives, but most of them wouldn't have a clue what a pump curve or head pressure is. There's a world of difference between designing something and building something.